Chinese Yuan Makes First Gain in 10 Days Over Firmer Midpoint Fixing by PBOC
Arslan Butt • 1 min read
Since early August, the yuan has lost 3.6% of its value against the US dollar as a result of escalating trade tensions between the US and China. Earlier today, China’s central bank brought the official midpoint of the yuan lower to 7.0835, to the weakest level in over 11 years.
The latest official guidance rate came in stronger than market expectations, which was estimated at 7.1027 against the US dollar. A firmer than expected midpoint fixing has helped the yuan regain some lost ground in today’s trading.